Aukett Swanke losses widen as UK construction remains stagnant

The AIM-traded company said its loss before tax widened to £1.22m, from £0.36m at the same time last year, while it had cash net of overdraft of £0.32m at period end, with net borrowings of £0.31m, representing a 0.6% net gearing.

On the operational front, the firm confirmed its UK studio was relocating to City offices, affording it lower ongoing costs and an initial two-year rent free period.

Its Middle East practice, meanwhile, had been invited into international design competitions for the Expo 2020 Dubai event.

“Revenues were severely impacted by the continuing stagnation within the UK construction market which currently shows no clear-cut evidence of recovery,” said Aukett Swanke chief executive officer Nicholas Thompson.

“Our overseas operations are beginning to benefit from reorganisation but, overall, as previously highlighted, we expect a group loss for the full year despite a better second half.”